Core Viewpoint - The report from Citi indicates a downward revision of revenue and profit forecasts for Poly Property (06049) for the fiscal years 2025 and 2026 due to underperformance in value-added services [1] Group 1: Financial Projections - Revenue and profit forecasts for Poly Property for FY2025 and FY2026 have been lowered due to weaker-than-expected performance in value-added services [1] - The target price for Poly Property has been raised from HKD 32 to HKD 36.6, based on a target price-to-earnings ratio of 10.5 times, which is 0.5 standard deviations below the five-year average [1] Group 2: Business Performance - Despite the core property management business of Poly Property maintaining resilience, the overall growth momentum is expected to slow down due to weak project delivery in the industry and sluggish sales activities impacting non-owner value-added services [1] - The defensive advantage provided by the state-owned enterprise background is highlighted as a positive factor for the company's core business resilience [1]
里昂：升保利物业(06049)目标价至36.6港元 降收入与盈利预测